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Financing for a franchise, Welcome
Start by going to Members page and sharing some info.
Have you developed a Business Plan YET??
It sounds like it could be a really good idea! Where would the first ones be located?
So, to start a business whethet it is self financing or you want to approach lenders the first step is the business plan. Business plans provide a guide to and a foundation for your entire business as well as provide key financial detail and market research to potential lenders. Without a plan it will be difficult to obtain financing.
They will also look at things like experience and your credit score. Depending on the individual you may have to research alternate lenders or investors.
That being said, what are your plans so far and have you taken any of these steps?
I would like to hear more about your business as well as provide you with any assistance I can!
I would recommend that you start with incorporating, getting a DNB account and building up a strong business credit score. Then you can obtain some financing to help with the Franchise. How much are you looking for?
Have you looked into SBA loans - SBA loans love franchises as you are really not in business by yourself. Call your local banks and see who offers SBA loans - get their package and start working on it. They do require good credit and some experience if you have it.
There are other methods - the franchisor may offer financing - call them - if they don't directly, they may have a list of lenders they work with.
Or, there are other ways to get unsecured funds from non-bank business or personal loan companies - usually up to $125K.
If you need less than $50K - there are other non-bank or non-profit lenders that could help you.
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